PayPal buys Cryptofirm Curv on a quest to avoid holding private keys

[paxmao]

PayPal on its way to buy the Israeli firm Curv.



Curv was founded in 2018 by Itali Malinger who is on a self-proclaimed mission to eliminate the need to keep private keys. The company will be the "trusted partner" of PayPal that, for obvious reasons, would greatly benefit from acting as intermediary between the guy on the street, who is not willing to invest time in knowing learning nor researching but does want to take advantage of the crypto benefits.

PayPal is greatly placed to become an intermediary on a system that was originally created to avoid such a thing.


Founders of Curv, Itali Malinger and Dan Yadlin.

[ene1980]

PayPal is greatly placed to become an intermediary on a system that was originally created to avoid such a thing.

Paypal is including bitcoin to stay on the business path because if they are not willing to adopt bitcoin then their longevity in the business will be a big question and they are going in the right path by adding firms that could help them with their venture in adding cryptocurrency. Bitcoin was created to avoid these middle man but there are people who are lazy to learn all those and these companies are taking advantage of that and providing services to purchase and hold the coins.

[avikz]

Oh I love your statement!

PayPal is greatly placed to become an intermediary on a system that was originally created to avoid such a thing.

That's indeed true! Paypal understands that if they want to profit from cryptocurrency, they will have to act as an intermediary and to receive commissions from both buy and sell legs!

This is ridiculous for the entire crypto ecosystem! The way corporates are showing interest in crypto market and trying to change the system in their own favor, would make bitcoin only a big men's asset in few years! That's not good!

[Kittygalore]

Nice one, more people will see my private keys and they will store it somewhere "safe", the customers of this firms are going to be experiencing a Mt. Gox like incident and they don't know it yet but it will definitely happen. I don't get the point of not safekeeping your own private key, I mean what part of the word "private" do they not understand?

[sunsilk]

Nice one, more people will see my private keys and they will store it somewhere "safe", the customers of this firms are going to be experiencing a Mt. Gox like incident and they don't know it yet but it will definitely happen. I don't get the point of not safekeeping your own private key, I mean what part of the word "private" do they not understand?

I'll only take the good news about PayPal purchasing the firm as it's a crypto firm but I do agree with what you're thinking. I have read what does it mean for them but I'm still confused about their business model.

But maybe you'll get some idea about its description about the MPC technology that Curv offers.

The company offers multiparty computation security technology that it says is a critical requirement to transfer, store and manage any digital asset safely on any blockchain or distributed ledger. Curv’s keyless MPC technology and tech stack enables the delivery of customized digital asset security solutions that are both scalable and adaptable with support hot, warm and cold wallet configurations as well as all tokens and protocols.

Traditional public key infrastructure on blockchains offer single private keys for access, creating what Curv argues introduces a single point of failure. MPC eliminates private keys, signing every transaction in a secure, distributed way to protect against cyberbreaches, physical damage and insider collusion. The technology is described as more efficient and lower cost than multisignature wallets by simplifying management, network fees and hidden gas costs. Customers using Curv’s MPC technology save 60% to 70% in transaction costs, the company said.

With this acquisition, PayPal is getting ready for a better service that they can offer. I hope that they'll improve.